Hyderabad: TATA AIG General Insurance Company, a leading general insurer, has introduced CyberEdge, a comprehensive cyber insurance product designed to shield enterprises, startups, and MSMEs in Andhra Pradesh and Telangana from the rising threat of cyberattacks and data breaches. The company anticipates that its cyber insurance portfolio will account for nearly 25 percent of its overall Financial Lines premium in the next three years, as it targets twofold growth in the region by FY28. This expansion is driven by robust enterprise adoption and increasing cyber preparedness in significant IT and industrial hubs such as Hyderabad, Visakhapatnam, and Vijayawada. Industry reports indicate that Andhra Pradesh and Telangana rank second in India for reported cybercrime incidents.
In 2024, these states experienced over 6.2 million malware detections and 17,500 ransomware cases, with the average cost of a data breach reaching Rs19.5 crore. The sectors most frequently attacked include pharmaceuticals, IT/ITeS, BFSI, and manufacturing, which are crucial to South India’s digital economy. A recent report, the Horizon Watch: Emerging Risk Report, published by TATA AIG and Dun & Bradstreet India, found that 83 percent of CXOs believe technological advancement is the main factor driving new business risks. “The cyber threat landscape is evolving rapidly, and Andhra Pradesh and Telangana are not only among India’s most digitally active regions but also among the most targeted,” stated Najm Bilgrami, National Head – Financial Lines, TATA AIG General Insurance.
“With CyberEdge, we are empowering businesses to enhance their defenses, respond quickly, and recover intelligently. This product aims to provide not only loss indemnification but also to foster genuine cyber resilience.” CyberEdge offers comprehensive financial and operational protection, including coverage for forensic investigations, data restoration, legal support, extortion management, and business interruption losses. Notable features of CyberEdge include: First Response Cover: 24×7 access to TATA AIG’s legal and IT forensics team within two hours of incident reporting; Bricking Recovery: Replacement coverage for computer systems made inoperable due to cyberattacks; Network Loss Calculation: The option to select Gross or Net Profit coverage, which includes forensic accounting fees.
